SpaceX filed an S-1 with detailed financial information ahead of what is expected to be the largest IPO in history. The company’s vision centers on rockets and satellites, with Starlink and other businesses supporting revenue. SpaceX expects to raise up to $75–80 billion at a valuation of $1.5 trillion or more, but recent results show losses despite revenue growth. The revenue mix is described as heavily subsidized by Starlink, with additional contributions from xAI. Concerns also focus on leadership behavior, citing regulatory disputes, lawsuits, public conflicts, and internal tensions. Tesla’s performance is used as a reference point, including declining operating profit and missed promises around autonomous driving.
"SpaceX expects to raise up to $75-80 billion at a valuation of $1.5 trillion or more. Saudi Aramco raised $29.4 billion at roughly the same valuation in 2019. The difference is that it made a profit of $21.3 billion on $71 billion in revenue in the quarter prior to filing while SpaceX lost $1.3 billion on $4.7 billion in revenue last quarter. And the source of that revenue is mixed, with the Starlink satellite business heavily subsidizing Musk's rockets and xAI business."
"To see how Elon Musk runs a public company, look at his track record at Tesla. He transformed it from a struggling startup to a successful global EV giant. But he's done a lot to squander that lead: the SEC fights, the social media fights, the lawsuits, the public insults, the tendency to diss his own colleagues, the threats to walk away if he didn't get that other trillion-dollar pay package. (Sadly, no cage fight.)"
"And let's not forget his brief detour as the defiant chainsaw-wielding man from DOGE, which a Yale study estimated to have cost Tesla more than 1 million U.S. EV sales. Tesla's operating profit was $4.3 billion last year, a 70% drop from three years earlier. He overpromised on robotaxis and fully self"
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